Consob, Italy’s financial market watchdog, continues its crackdown on illicit financial services platforms, with the latest blacklisting of five new entities. These platforms are unregulated in Italy and illegally provide their services to retail consumers locally and in other regions.
Blacklisted platforms are ToroProfit, Plan B ltd, EuropeanFX™ Markets Limited, CatenaFarmCapital and EaglestonesFinance. At the time of writing, only the ToroProfit website is unresponsive, while other companies are still offering their retail business
Retail business
In finance, retail trading refers to individual traders, who trade through a broker or on a platform. This can include newbie traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and European Central Bank. However, when we talk about retail trading, we usually refer to forex trading, but there are retail trading
In finance, retail trading refers to individual traders, who trade through a broker or on a platform. This can include newbie traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and European Central Bank. However, when we talk about retail trading, we usually refer to forex trading, but there are retail trading
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services including forex, stocks, cryptos and stocks. However, information released by Consob shows that all of the above has already been ordered blocked.
“The blackout of these sites by Internet service providers operating in Italian territory is in progress. For technical reasons, it may take several days before the blackout comes into effect”, commented the Consob in a written statement.
EuropeanFX and EaglestonesFinance claim to be London registered companies, but there is no information on their websites about potential licenses needed to provide investment services in the UK. CatenaFarmCapital, on the other hand, claims to be registered with Consob and additionally with the US market regulator, the SEC. However, the company does not appear in any of the official records.
Over the past three years, since July 2019, Consob has succeeded in blocking 855 sites belonging to fraudulent financial intermediaries.
“Consob draws the attention of investors to the importance of adopting the greatest diligence to make informed investment choices, to adopt common-sense behavior, essential to safeguarding their savings: this is in particular, for sites offering financial services, to check beforehand that the operator with which they are authorized to invest and, for offers of financial products, that a prospectus has been published”, added the regulator.
Ongoing fight with fraudsters
The Consob is one of Europe’s most active financial watchdogs when it comes to identifying and blocking suspicious, unlicensed or fraudulent websites and their operators. This year alone, the Italian regulator has reported blocking rogue sites at least twice, the first time in February and another in early March.
In addition to Consob, the UK’s FCA remains active on the issue, adding new entities to its warning list almost daily. Last week, the entity reprimanded many of the country’s payment companies, including payment institutions (PIs) and electronic money institutions (EMIs) for lacking “sufficiently robust controls”.
Cyprus’
CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority in Cyprus. CySEC is one of the leading broker supervisory authorities in Europe, whose financial regulations and operations comply with the European financial harmonization law MiFID. responsible for a variety of different functions, including supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority in Cyprus. CySEC is one of the leading broker supervisory authorities in Europe, whose financial regulations and operations comply with the European financial harmonization law MiFID. responsible for a variety of different functions, including supervision
Read this term and the Spanish CNMV are other active institutions seeking to provide security for retail investors. CySEC supervised nearly 840 financial institutions in 2022 and imposed a total of 2.9 million euros in fines on those who violated licensing rules. The CNMV, meanwhile, warned of four suspicious platforms last week.
Consob, Italy’s financial market watchdog, continues its crackdown on illicit financial services platforms, with the latest blacklisting of five new entities. These platforms are unregulated in Italy and illegally provide their services to retail consumers locally and in other regions.
Blacklisted platforms are ToroProfit, Plan B ltd, EuropeanFX™ Markets Limited, CatenaFarmCapital and EaglestonesFinance. At the time of writing, only the ToroProfit website is unresponsive, while other companies are still offering their retail business
Retail business
In finance, retail trading refers to individual traders, who trade through a broker or on a platform. This can include newbie traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and European Central Bank. However, when we talk about retail trading, we usually refer to forex trading, but there are retail trading
In finance, retail trading refers to individual traders, who trade through a broker or on a platform. This can include newbie traders and experienced traders. Trading and investing are divided into two categories, retail and institutional. Institutions include investment banks like JP Morgan or Citibank and global central banks like the US Federal Reserve and European Central Bank. However, when we talk about retail trading, we usually refer to forex trading, but there are retail trading
Read this term
services including forex, stocks, cryptos and stocks. However, information released by Consob shows that all of the above has already been ordered blocked.
“The blackout of these sites by Internet service providers operating in Italian territory is in progress. For technical reasons, it may take several days before the blackout comes into effect”, commented the Consob in a written statement.
EuropeanFX and EaglestonesFinance claim to be London registered companies, but there is no information on their websites about potential licenses needed to provide investment services in the UK. CatenaFarmCapital, on the other hand, claims to be registered with Consob and additionally with the US market regulator, the SEC. However, the company does not appear in any of the official records.
Over the past three years, since July 2019, Consob has succeeded in blocking 855 sites belonging to fraudulent financial intermediaries.
“Consob draws the attention of investors to the importance of adopting the greatest diligence to make informed investment choices, to adopt common-sense behavior, essential to safeguarding their savings: this is in particular, for sites offering financial services, to check beforehand that the operator with which they are authorized to invest and, for offers of financial products, that a prospectus has been published”, added the regulator.
Ongoing fight with fraudsters
The Consob is one of the most active financial watchdogs in Europe when it comes to identifying and blocking suspicious, unlicensed or fraudulent websites and their operators. This year alone, the Italian regulator has reported blocking rogue sites at least twice, the first time in February and another in early March.
In addition to Consob, the UK’s FCA remains active on the issue, adding new entities to its warning list almost daily. Last week, the entity reprimanded many of the country’s payment companies, including payment institutions (PIs) and electronic money institutions (EMIs) for lacking “sufficiently robust controls”.
Cyprus’
CySEC
CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority in Cyprus. CySEC is one of the leading broker supervisory authorities in Europe, whose financial regulations and operations comply with the European financial harmonization law MiFID. responsible for a variety of different functions, including supervision
The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority in Cyprus. CySEC is one of the leading broker supervisory authorities in Europe, whose financial regulations and operations comply with the European financial harmonization law MiFID. responsible for a variety of different functions, including supervision
Read this term and the Spanish CNMV are other active institutions seeking to provide security for retail investors. CySEC supervised nearly 840 financial institutions in 2022 and imposed a total of 2.9 million euros in fines on those who violated licensing rules. The CNMV, meanwhile, warned of four suspicious platforms last week.
